(Photo: Courtesy TIME Magazine)

President Obama's winning re-election bid apparently has additional rewards, and one of them is being named Time magazine's "Person of the Year" for 2012. It is the second time in four years that Obama has received the honor.

"For finding and forging a new majority, for turning weakness into opportunity and for seeking, amid great adversity, to create a more perfect union, Barack Obama is Time's 2012 Person of the Year," the editors write.

The runners-up included Malala Yousafzai, the 14-year-old education activist who was shot by the Taliban; Apple CEO Tim Cook; Egyptian President Mohamed Morsi; and physicist Fabiola Gianotti. 

"It was easy to think that maybe 2008 was the anomaly. And I think 2012 was an indication that, no, this is not an anomaly. We've gone through a very difficult time. The American people have rightly been frustrated at the pace of change, and the economy is still struggling, and this president we elected is imperfect," Obama says in the cover story interview. " And yet despite all that, this is who we want to be. That's a good thing."
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